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Firmer Tone

GBPUSD TECHS
  • RES 4: 1.4017 High Mar 4
  • RES 3: 1.3997 Former bull channel base
  • RES 2: 1.3953 50% Retracement Feb - Mar Downleg
  • RES 1: 1.3919 High Apr 6 and a key resistance
  • PRICE: 1.3853 @ 06:15 BST Apr 19
  • SUP 1: 1.3717 Low Apr 16
  • SUP 2: 1.3670/69 Low Mar 25 / Low Apr 12
  • SUP 3: 1.3663 Low Low Feb 5
  • SUP 4: 1.3641 38.2% retracement of the Sep 23 - Feb 24 bull cycle

GBPUSD is starting the week on a firmer note following a strong recovery from Friday's low of 1.3717. A key short-term resistance at 1.3919, Apr 6 high remains intact though. A break would strengthen a short-term bullish theme and also signal scope for gains towards 1.3997, a former bull channel base, drawn off the Nov 2, 2020 low. The bear trigger is unchanged at the 1.3670 level. A clean breach would resume the recent downtrend.

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